We all want to have the best collectors and employees at our agency. You want employees that get the job done while remaining compliant and those that just bring a good vibe to the office. How do you do that?

Here are 4 things you need to have in order to attract the best employees:

Great benefits including insurance and vacation – This used to be a given and the same across the board, but not anymore. Vacation PTO is all over the board and employees are looking for flexibility here. Health insurance options continue to change and become complicated. Look into each option available and find the best one for both employees and you.

Strong retirement plan – This is a huge one! Employees are looking for a way to invest in their future, and you need to provide it. There are many options available, including 401k and Simple IRA. Consider a company match. That’s going to set you apart from competitors, bringing the better employees your way.

Positive environment – The nature of our business can be tough. Make sure you’re providing an environment that is exciting and somewhere employees want to come to every day. This will also change as you begin to find and attract these positive employees.

A way to develop skills and potential – Employees need to see the potential for growth. Whatever that looks like for you, make sure you’re offering a way for your employees to grow. Training programs, seminars, etc. are all great options. This is especially important as millennials and Gen Xers begin to take over the workforce.

Many years ago all agencies were the same when it came to benefits offered, but not anymore. Know your options and offer the best you can when it comes to these benefits. It’s what the great employees are looking for, and in order to obtain them, you need to offer what they’re looking for.

It starts with the hiring process. Ensuring that you find employees that fit the mold and culture of your agency that you can see potential in. When you finally find the best employees, you want to do your best to keep them. Do this by motivating them, encouraging them and maintaining that positive culture.

The Debt Buyers Association, International (DBA) recently celebrated their 20th anniversary at their annual conference in Las Vegas, NV. We had a chance to attend the conference again this February. More than 900 people were in attendance this year (the conference hosted roughly 60 attendees in 1997).

One particular session at the conference included five past DBA presidents, who each shared their collective wisdom by telling tales of how the debt buying industry has moved from a “cowboy culture” in the early days to a “consumer friendly” culture in recent days.In the early days, it required great trust in the people you were working with.The industry was desperate for an organization to become the standard bearer.This is the role that the DBA has sought to provide over the years.

The debt buying industry has moved from a cowboy culture to a consumer friendly culture.

Throughout this session, each of the previous presidents helped attendees to understand that in the early days (circa August of 1996) debt buying was just an experiment done by a few banks.Debt purchasing didn’t initially fit into any category as a brand new and fast-growing industry.As time went on, it became very necessary to legitimize the practices of debt purchasing.There was a need for a credibility standard in the industry as well.Today, the membership of debt buyers has grown into a comprehensive industry.

The DBA has helped educate and advocate with state and federal regulators who have also grown in their understanding of the growing industry.The DBA has worked over the last 20 years to have a seat at the table of decision makers to help shape the industry.

The Trump administration takes aim at rolling back regulations, such as revisiting the Dodd-Frank legislation. It is possible that Federal regulations may be reduced.The state regulations, however, will likely stand firm, often picking up where Federal regulations may be letting go.The DBA collectively remains cautiously optimistic that their relationships that have been built over 20 years will continue to provide the industry standard of education and advocacy.

While the DBA celebrated their 20th annual conference, we also celebrate our 20th year as a company in the debt collection and debt buying industry.As the industry has grown, we’ve had the privilege of helping hundreds of companies manage their licensing, bonds and insurance. Let us know how we can help you!

The debt collections industry is increasingly regulated. Collectors have the task of representing many different people and must ensure that all actions are compliant.

One important area of compliance is consumer communication. Collectors have to be trained on how to avoid violating the 30-day validation period when the communicate with the consumer.

It’s important to remember that most creditors require agencies to complete a series of scrubs and mail the initial letter upon placement. Once complete, you can begin making calls. Collectors are also no longer incentivized to collect the debt no matter how it’s done. They must collect the bill and do so in a way that does not harm the consumer by misrepresenting their clients’ intentions or stating the ways that nonpayment could affect the consumer.

Here are 4 important steps for collectors to remain compliant during communication:

Ask the consumer to pay within the first thirty days. A debt collector cannot demand consumer pay in a shorter time frame without risking an FDCPA violation.

Identify consumer, creditor, yourself, and the company you are calling from.

Provide the required mini-Miranda and two party consent disclosures

Attempt to collect the debt by asking the consumer if they can pay in full, settle or work out a payment arrangement.

Be cautious after step 4, because that is where the majority of potential UDAAP violations can occur.

In the past, collectors would attempt to motivate the consumer by explaining how paying would improve their financial situation. They would talk consumers out of settlements because balances paid in full look better on the consumers’ credit report. These tactics could mislead or deceive the consumer – and that is exactly what regulators prohibit.

The collections industry is one of the most regulated, and continual training for those who are directly communicating with consumers is imperative.

The story our entire industry is keeping our eyes on: President Donald Trump is considering a replacement for Richard Cordray, the current director of the Consumer Financial Protection Bureau (CFPB).

This is huge news for our industry, as Trump is considering and met with former Rep. Randy Neugebauer as the replacement. Neugebauer has recently been very vocal in his criticism of the CFPB’s actions and its current structure.

“Unfortunately, the CFPB’s efforts represent yet another example of a Washington-knows-best mentality. Using behavioral economics, which by its very principles says policymakers should make choices for unsophisticated individuals, the CFPB has set down a road of paternalistic erosion of consumer product choice and access to credit.” – Randy Neugebauer

The CFPB is currently regulating our industry out of business. But there is a lot of optimism that new leadership will understand the value that our industry brings to the overall economy and regulates from that perspective.

Donald Trump’s ability to replace Cordray and appoint a new CFPB director might hinge on the results of the PHH v. CFPB case rehearing. The rehearing is being handled by the D.C. Circuit Court of Appeals, which will have to decide whether to uphold the October ruling that CFPB is unconstitutionally structured. If the court does uphold the original ruling, Trump will be able to remove Cordray at will and the bureau could be required to restructure and/or lose its status as an independent agency.

This gives our industry a huge sense of optimism when it comes to our future.

Communication methods are rapidly changing and it can be difficult to keep up. And as a debt collector, you must communicate to an increasingly diverse population. There are always going to be issues that make communication challenging.

It’s not just a matter of learning how to write a clear email anymore. It’s about receiving training in communication and human interaction that allows you to respond flexibly and dynamically to the ever-changing methods of communication.

As we all know, the debt collection industry is heavily regulated by a number of governing bodies. Communication is what separates the good agents from the great.

Here are a few things to keep in mind as you communicate with clients (or anyone, really):

Listen. The best thing you can do as a debt collector is listen to the client. Not only will this help you address the issue at hand (see #2), but you’ll gain a better relationship with the client by listening to them first.

Address the issue.You should be able to quickly figure out the dispute or issue at hand and find a solution. Communicate in a way that limits the issues at hand.

Know the background information.Take the time to understand the client and any source details that may be available as soon as you can. This allows you to better understand the issue and effectively find a solution before you begin communicating with the client.

Be Professional. This may be obvious, but should be said. There’s no need to be rude or aggressive, even if you are getting it from the other end of the line. There’s a polite and professional way to explain the circumstances to the client.

“Communication is the key to success” in any industry or business, but particularly for those of us in debt collection. Make a goal to be a better communicator in 2017.